2016 looks set to go down as the best year since the crisis for the Florida property market. Prices continued to rise all round, sellers received more of their asking price and sales remained buoyant. Florida outpaced the US on all accounts with some metropolitan areas in the Sunshine State posting considerably higher figures.
Yet again, Florida dominates the Forbes list of the best property investment in 2017 with at least 26% house price growth expected by 2020.
Latest statistics reveal that Florida property prices went up yet again in October. This latest monthly rise is the 59th in a row showing the market continues to forge a full recovery.
A report released at the end of September reveals the best places to buy investment property in the US. Tampa and Orlando, two of the most popular places to buy property in Florida, come out top, ticking all the boxes.
One of the defining characteristics of the current Florida property market is the shortfall in inventory levels. Despite an uptick in construction activity this year, demand continues to outstrip supply of new-build properties in Florida with a particularly high deficit in the Southwest.
Strong employment, 66 million Americans aged 20 to 34 and low vacancy rates mean an excellent outlook for rental properties in the US.
Financial instability and political uncertainty in their home countries have led many foreigners to regard the US property market as a safe haven for their investment. The amount invested in properties in the US between April last year and March this year is the second highest since 2009 with big interest from Chinese and British buyers.
The market for Florida property is already hot, but a recent report reveals that the influx in the region of buyers from the baby boomer generation looks likely to rise the temperature even higher. This latest BRIC Group article explains why.
The market for Southwest Florida property is registering record performance. The highest number of new-build starts and completions since 2006, alongside the significant percentage of cash sales and strong increases in median house prices make Southwest Florida one of the current hot spot areas in the state.
Orlando and Tampa property counted among the top ten best investment opportunities in the US in the first quarter of this year. The two Florida cities ranked in fourth and ninth places on the back of high population growth and strong employment creation, as this latest BRIC Group news article explains.